Is nursing school worth it?

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Ok here goes:

I have been accepted into a nursing program starting this fall. (MS, RN degree) I am EXTREMELY nervous about the debt load that I will have to take on. Thank goodness I have no undergrad debt (Parents helped a bit and i worked while in school), BUT the tuition for nursing school is $72,000 and with books/supplies/ancillary expenses it will be closer to $75,000. (I will be living at home and commuting to campus, so I won't be paying rent or anything)

Not having grown up in a wealthy environment, I just CANNOT seem to wrap my head around this number! Especially since

1) nurses do not make so much money in my area (starting salary is about $24.50/hour, or about $50,900 a year if I get a 40 hour a week job,and 45,000 if I work 36 hours/week, which is what most hospitals are leaning towards... 3 twelve hour shifts.)

2) there is such an influx of nurses that many many new grads simply cannot find jobs. This is in addition to the fact that lots of hospitals are amidst hiring freezes.

Running the numbers, it looks like this:

If I pay $1000 a month towards student loans, it will take me 7.5 years to pay it all off and I would be paying $15,899 in interest over that period.

I am from Chicago and the standard of living is pretty high over here so if I am able to pull in an average realistic salary of $47,000/year, then after taxes and student loans it's looking more like $30,000/year,(possibly 35k if I can write off my loans) which is not really enough to support a family. (not trying to sound like a "prima donna", but that's just the facts) I am NOT saying that I am only becoming a nurse for the money, but for this amount of compensation and not enough job security, (as i said above, the influx of nurses and the hiring freezes creates a volatile environment for nurses- at least in my area), it just seems very risky to take upon this sort of debt. I am all for investing in my future, but it's gotta make some sense.

Now I do understand that there are the nurse corps which promise 60% loan repayment for a 2 year commitment of work at an approved facility, but I hear that the funding has been majorly cut so less and less nurses can get this benefit. And c'mon who can really rely on this when taking on debt?? It would be irresponsible for me to do that

For the record I do NOT want to go to community college and get my ADN. That is not an option as I already have my bachelors and would find it a big step backword to get an associates degree, and additionally most places in my area won't even look at a nurse without AT LEAST a BSN :(

I have a friends who are PT's OT's and speech therapists who are pulling in $60-$85k per year easily! And they do not have 12 hour night shifts, don't have the responsibility for the life of another human being (at least not to the extent that nurses do), they never have to work rotating weekends, and don't have to stay late to chart etc. etc. I guess it's a matter of supply and demand- too many nurses and too little jobs

Now i'm thinking that I should look into another field, but it's getting really stressful to make decisions :(

Interestingly enough, schooling at Northwestern hospital (one of the top hospitals in Chicago) to become a radiology technician is $7500 for 21 months and average salary is $59,000. wow!

OK, so that's my dillema, can anyone chime in?

Any input would be GREATLY appreciated, as i'm feeling very stressed and a little depressed!

Thanks

Specializes in Critical Care.

If you truly are set on being an RN then I would look for a less expensive option. If you live in Chicago you probably have a dozen or more nursing programs to choose from. I would look for the cheapest option, preferably public, at least non profit and that they have a high NCLEX passing rate.

I'm not an expert but being a nurse is like being a jack of all trades as you are expected to know so much and be there to fill in the gaps of the other specialties. It is a mix of book work, knowledge with lots of hands on skills required and being able to think fast on your feet. I personally think other specialties are probably easier and worth consideration because at least with PT/OT or ultrasound tech you are working one on one and not juggling many patients all at once. You have a defined job and are not expected to do everyone else's job. Nursing is not all its cracked up to be and has many downsides another reason to explore all your options and whatever you do keep your expenses and student loans to a minimum! You don't want to become a trapped, burnt out nurse who can't afford to quit because of student loan debt! Have you had experience working in a hospital environment or talking with other nurses and their experiences?

Whatever you decide remember the colleges are working for you and they will put on a rosy sales pitch to get your money so take your time and make sure this is what you want! You need to learn as much as you can about personal finance. Suze Orman is a good show to watch as she talks about the dangers of student loan debt and has personal interventions for people in crisis. It is shocking to see how many people have six figure student loan debt struggling not to default! Check out StudentLoanJustice.Org and the book The Student Loan Scam by Alan Collinge before you take out any student loans! Forewarned is forearmed!

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Specializes in Cardiology, Cardiothoracic Surgical.

Sounds like you need an accelerated BSN if you want to start at the bedside. No reason to go out and get that much debt

for a nursing degree. Bachelor's degrees mean nothing from previous fields in nursing. (Case in point, I had a previous career

in another field and it really means nothing at the moment, like I don't make more from having it. It will help me in my career goals yonder, but not as a bedside nurse the next few years).

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Specializes in Case mgmt., rehab, (CRRN), LTC & psych.

My friend already possessed a previously earned non-nursing BS degree when she returned to school to pursue nursing. She opted to attend a local community college practical nursing program because she wanted to graduate without any added debt.

People are probably wondering why she pursued a practical nursing diploma (LPN) instead of the RN license if she already had a prior non-nursing BS degree, which would have rendered her eligible for most accelerated BSN programs. Her undergrad GPA was a 2.6, was not terribly competitive for admission into ABSN programs when one is competing against applicants who have much better GPAs.

To keep a long story short, she worked as an LPN for a few years before completing an RN bridge program. She has been in nursing management in various roles for the past few years. The only regret she has was going $48,000 into debt for her first non-nursing BS degree that she earned at a private university.

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You sound very uncomfortable with the idea of nursing (at least with the costs) . I always tell people to follow their gut. If you don't want to do it, please don't do it.

An accelerated BSN can be just as costly, at least in my area. You seem very meticulous and I'm sure you've already looked at these options everyone is talking about.

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Specializes in Clinical Research, Outpt Women's Health.

That seems an insane amount of debt for a nursing degree. I know you have done your research because you have summed up the current situation for nurses really well.

If I were you I would go for the PA program. much better chance of recouping the educational investment.

Many nurses will not like my saying that, but i think it is a much smarter way to go for that kind of debt load.

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Specializes in Hospice, Palliative Care.

Good day, CantDecideUsername:

May I suggest an accredited community college for the A.D. RN. Then get a job that will hopefully pay for the BSN/RN. Worse case is cannot get a job with an AD RN, then go for your BSN at an accredited school; then get a job while you go for your MSN at an accredited school.

Thank you.

P.S. I realize you have a negative attitude towards the extremely economical option of community colleges; but the journey towards a MSN doesn't have to stop there. A good CC can be a great stepping stone towards the bigger degree at tremendous cost savings.

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If the thought of loans really stresses you out, you can go to community college. Just because you don't want an ADN doesn't mean you have to stop at ADN. It's a stepping stone and many community colleges are highly regarded, depending on where you are. That's what I'm doing. I've completed 46 credit hours of pre and co reqs and my cost out of pocket and loans : $0. I have the pell grant and scholarships that cover everything including books. My CC has one of the best nursing programs in the area and gets over 200 applications every semester.

I have no intention of stopping at ADN. It's merely a part of the journey. Once I have the ADN and I pass my NCLEX, I'll do a bridge program to BSN or an RN to MSN-FNP program. Either way, my cost is cut tremendously and there is nothing lost. All of my credits will transfer and UT (VERY tough to get into) even has a guaranteed acceptance program for nurses that graduate from my CC.

Many people hear the words 'community college' and think that there is something wrong with it. Yes, they do accept everyone BUT.. once you are in, you have to do the work at college level. At my CC, many of our professors are adjunct professors who also teach at the University of Texas or Texas State. So my education is no less than than people who attend those colleges and pay the high tuition to do so.

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Specializes in ICU.

$75k still sounds like an awful lot for an ABSN. First off let me say, an ADN would not be a step backwards. It would be a degree and you would have the same exact license as a BSN. You could then do a bridge program to get your BSN. Also there would be nothing wrong with doing the prereqs that you need at a community college and then transfer to a BSN program.

I am not familiar with the job market in the Chicago area. I live in the Indianapolis are and it is not saturated here. I disagree with the poster that said that. There are plenty of RN jobs here and they are building hospitals like crazy. Our hospitals are always understaffed with nurses working tons of overtime. What I am doing is going to get my ADN first. I can get my foot in the door in a hospital here locally. All said my ADN degree will cost me less than $15000. While I am getting my new grad experience I am going to do an online ADN/BSN program. I really want to work in pediatric oncology at the major childrens hospital in the area and will need my BSN to do it. It will cost me around 10 -15k to get my BSN. So all in all I will eventually have a BSN and will have paid at the most 30k for it. I think you should do some more research and see what all of your options are. I just think 75k is crazy.

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Crunching the numbers, this degree will likely cost me at least $80,000 since I need to also factor in health insurance which I'll have to pay out of pocket (currently I'm covered until 26 but my birthday is in march... And then I'm in my own...).

So $80k (at least, maybe a bit more) for this degree is making me increasingly queasy and uneasy.

To all those who have advised taking the RN path and get an associates degree... Well that's making more sense the more I think about it.

I won't graduate until I'm 27 and won't be finished paying my loans until 37... And I'll have to pay $920/month. This is an awful lot!!

I've been so torn about this that I haven't been able to think straight... Haven't been myself for a month... I'm just a wreck (I don't mean to sound like a dramatic fool lol)

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Specializes in ICU/ Surgery/ Nursing Education.
For the record I do NOT want to go to community college and get my ADN. That is not an option as I already have my bachelors and would find it a big step backword to get an associates degree, and additionally most places in my area won't even look at a nurse without AT LEAST a BSN :(

Sorry, but I think that this is just silly. First of all many facilities wish to have BSN nurses, that is a fact, but as it stands right now all facilities do not require it. Where I am employed, my first RN position, they advertised for a BSN but I had made an incredible impression on them during clinicals that they hired me on the spot during my interview. You may not get the job you want right out of school, but there are jobs in many nursing fields.

Secondly, and ADN is not a step back. Let me tell you what I did and it might change your mind. I do not come from money either but I saved a little over the years, mostly for retirement. I quit my job to go back to school to become an RN. The ADN program I applied to costs around 12,000-16,000 for a total of 2 years of schooling. After financial aid and a couple small scholarships it cost me around 4,000 total out of pocket. (not including living expenses) I now am employed making the 50,000-55,000 a year like you mentioned and am registering for the ADN-BSN bridge program.

This program will cost me nearly 12,000 after financial aid and I will be able to pay for it as it comes while working at my position. I will have my BSN in a little over 1.5 years and no debt. I did have to spend a little of my retirement to supplement my wife's salary to live on, but I will be debt free and able to put even more into my retirement over the next few years.

That old saying, 'where there is a will there is a way' fits nicely here. It is nothing more than a problem that needs to be solved. You want to become a nurse but don't want to spend 80K, then find another way. It just worked out for me this way, with a lot of research, find a way for it to work out for you. There is no right way or wrong way no matter what anyone says. Collect the facts and make a decision you can live with.

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They are both undergraduate degrees, if that helps.

I would find a different BSN school that's more cost effective if you go that route.

My current choices are ADN for $10K + RN to BSN for $5K or direct BSN program for $25K.

If you decide to remove the $80K school as a choice, you are left with a much less stressful decision; what other school to choose from.

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They are both undergraduate degrees, if that helps.

I would find a different BSN school that's more cost effective if you go that route.

My current choices are ADN for $10K + RN to BSN for $5K or direct BSN program for $25K.

If you decide to remove the $80K school as a choice, you are left with a much less stressful decision; what other school to choose from.

At which school can I get an ADN-BSN degree for $5k?

I looked at UIC and it was around $20k

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